Nearly 30 percent of U.S. consumers now say they prefer contactless payment as their preferred payment method. Contactless is also making significant gains globally in the U.K., Germany and China, according to a report from research firm Strategy Analytics titled Covid-19 Consumer Mobile Payment Insights.
The report examines the payment behaviors of consumers across the four countries in the wake of Covid-19 and identifies which consumers are looking to embrace both mobile and contactless payments. The research indicates contactless preference is up 8 points compared to research conducted pre-Covid-19 pandemic.
“With the exception of China, there is significantly greater consumer preference for contactless cards over mobile contactless payments, particularly for older age groups”
China is by far the mobile payments leader with over half of consumers preferring mobile payment over cards and cash, according to a statement from the firm on the research.
“With the exception of China, there is significantly greater consumer preference for contactless cards over mobile contactless payments, particularly for older age groups,” said David Kerr, Vice President, Strategy Analytics. “A bridge of trust still needs to be built for mobile payments to older consumers. The much younger population in China and greater familiarity with mobile first practices is reflected in over half of consumers indicating it as a mobile as the preferred payment instrument. For older consumers in the U.S. and Europe much greater ease of use and reliability at POS is required according to our UX team research.”